Product details
The Bank of Queensland Pension Plus account gives you unlimited card, branch and online access to your money in addition to a stepped interest structure. The Pension Plus rewards you with up to 3 different rates of interest, balances greater than $45,401 accrue interest at 1.80% p.a.
- Product Name
- Bank of Queensland Pension Plus Account
- Maximum Variable Rate
- 1.80% p.a.
- Standard Variable Rate
- 1.80% p.a.
- Monthly Fee
- $0
- Minimum Opening Deposit
- $500
- Internet Banking
- Yes
- Internet Transaction Fee
- $0
- Phone Banking
- Yes
- Phone Transaction Fee
- $0
- Covered by Government Guarantee?
- Yes (Up to $250,000 per person, per institution)
What are the features of the Bank of Queensland Pension Plus account?
- Interest rate. The Bank of Queensland Pension Plus account gives you a competitive stepped rate of interest. Different rates of interest apply to different slices of your account balance.
- Account access. A Visa Debit Card is issued by Bank of Queensland so you can access the money in the Pension Plus at ATMs and make purchases online and at EFTPOS terminals in Australia and overseas. You can also make withdrawals from this account via the Bank of Queensland online and telephone banking facilities.
- ATM withdrawals. Make unlimited free ATM withdrawals at Bank of Queensland and rediATMs.
- BPAY. Make BPAY payments using the Bank of Queensland telephone and internet banking facilities.
- Direct debits. Authorise your service providers to automatically withdraw money from your account when you payments are due.
- Direct credits. Get money paid directly to your Pension Plus account such as your salary or wage using the Bank of Queensland direct credit facility.
- Bank@Post. Make deposits and withdrawals at Australia Post retail outlets.
- Cheque book. A cheque book is available if you have an account balance of more than $200.
- Minimum opening balance. Deposit $500 or more to the Bank of Queensland Pension Plus account when you apply.
- Fees. Pay no account establishment fee. The Visa Debit Card monthly service fee is $1.00. Other banks may charge a fee when you use a non-Bank of Queensland ATM. Over the counter withdrawals at Bank of Queensland are free, Bank@Post transactions incur a $3.00 transaction charge. Internet and telephone banking transactions are unrestricted and free.
- Statements. Get monthly statements for free.
- Eligibility. You can apply for this account if you’re currently receiving an Australian pension.
Pros
- Easy access to your money
- No monthly account keeping fee
- Unlimited and free BOQ deposits and withdrawals
Cons
- $5 overseas ATM withdrawal fee
- Not available to all
How do I apply for the Bank of Queensland Pension Plus account?
Visit a bank of Queensland branch to apply for the Bank of Queensland Pension Plus Account or call a Bank of Queensland customer service agent.
Eligibility criteria for this account
- Pension. You can apply for this account if you’re receiving the Australian carers, disability, veterans or aged pension.
- Minimum deposit. You’re required to deposit $500 or more when you apply for the Bank of Queensland Pension Plus Account.
Bank of Queensland also require your personal and contact information.
- Information. Provide your name, date of birth, contact number and residential address to the Bank of Queensland. You’ll need to verify your identity if the Pension Plus account is your first Bank of Queensland product.
- Identity. Provide photographic identification such as your valid drivers licence, proof of age card or passport, or a combination of secondary non-photographic documents.
- Tax. Bank of Queensland will withhold tax at the marginal rate if you don’t provide your Tax File Number to the bank. This information does not need to be provided at the time of application for the Pension Plus account.
Once you’re approved for the Bank of Queensland Pension Plus account you can register for online and telephone banking and make the opening deposit. It can take up to 2 weeks before you get the Visa Debit Card delivered to your residential address.
Related savings accounts
Bank of Queensland Bonus Interest Savings Account
Maximum Variable Rate
2.20Standard Variable Rate
0.80
